Hi I have recntly done a course of will drafting and am interested in Trusts.
Am i correct that to form a trust and make it “Live” I need the following.
Does this make the trust “live” as it were.
Many Thanks
Lee Prior
There has to be consideration to perfect a trust usually stipulated in the schedule. If no property is mentioned then something of value should be attached; £5 or £10 is normal but a postage stamp might suffice.
Whilst many of us use the forum to share our knowledge to assist those posting questions, the blatant marketing of services by “portfoliocounsellingservices” is to my mind an abuse of the principles of the forum. The postings such as that of today – “For a special Trust scheme to save IHT and to prevent a Local Authority from taking a house away from a family, all will be revealed if you make contact” - do not set out any technical, or practical, solution to the question posed. I even question if it is a serious attempt to answer the actual question raised.
The contributor in question has already been called out this month for blatant marketing without offering a solution other than to contact them. Can contributions such as this be blocked, as I am sure they harm to the standing and reputation of the forum – members of the Public using the forum may incorrectly believe such firms (or individuals) are endorsed by the forum.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
I agree.
Julian Cohen
Simons Rodkin
Thoroughly agree with Paul Saunders
Well put
So do I.
Jack Harper
I also agree with Paul Saunders, but thanks to everyone for there answers.
I have a theoretical situation whereby a beneficiary is in receipt of benefists due to a mental health diagnosis of Bi-Polar 2. It would seem obvious to put a disabled trust into the will, however if the beneficiary is working and not longer elegable for such a trust, what happens to the money, could a clause be put in that if no trust then he/she gets money directly.
Many Thanks
I too completely agree with Paul Saunders and have commented on this particular poster’s postings previously.
Cliona O’Tuama
Solicitor
I totally agree with Paul’s comments and consider miscreants’ abuse of the forum for marketing/consequent potential monetary gain needs stopping.
The more members prepared to express their agreement with this disquiet [ or possibly even disagreement with our view ] would I think be helpful to the moderators.
Andrew
Agree with the comments regarding sales posting and have flagged a previous post as inappropriate for this forum
I agree and well said Paul
Mindful of Andrew’s comment; I agree
Sarah Targett
Yes it is about time that the moderators blocked this blatant abuse of the Forum.
Patrick Moroney
I agree with all the others but also (addressing the original question):
A trust is a separation of legal and beneficial ownership of property. In order for a trust to exist it has to relate to an item of property (called “certainty of subject”). That can be £10 , €10, a pound coin, a tennis racket or a parrot. The parrot need not be attached to the deed.
It can be created in a number of ways. One way is by trust deed but there is no absolute requirement that a trustee has to sign it. That is just common practice to avoid/reduce any factual doubts and therefore risk.
Finally, trust law is a fascinating area (many lawyers would disagree!) but, at the risk of sounding protectionist, please don’t start advising on trusts (or wills for that matter) unless you have a thorough understanding of the law and practice. A lot can and does go wrong. Trust law is now more liberal since the perpetuity rules have be been eased but the complexity of trust taxation has increased to fill the gap.
Andrew Goodman
Osborne Clarke
I also agree with Pauls comments
Does PCS International have a “special scheme” to avoid the numerous comments posted here? I imagine that if HMRC is doing its job (for once) this forum is monitored in some fashion.
Jack Harper
Former “scheme” designer, technical adviser, and seller during the Medieval Fiscal Era but “in recovery” since 1979
Some time ago a senior officer at HMRC told me that HMRC do indeed look at the TDF.
Cliona O’Tuama
Solicitor
Thanks fro your answer but please allow me to assure you that i would not dream of advising, i m very much at the learning stage. Many thanks
Lee
I am coming to this a bit late as I don’t work Mondays but I also agree that the posts referred to are unacceptable.
